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security deposit :: legal definition


Security deposit - n. a payment required by a landlord from a tenant to cover the expenses of any repairs of damages to the premises greater than normal "wear and tear." The security deposit must be returned within a short time (varying by states) after the tenant vacates, less the cost of repairing any unusual damage. Unfortunately for tenants, these damages are usually subject to the judgment of the landlord, who may desire to paint and refinish on the tenant's money, which results in many small claims suits. In a few states the security deposit must be kept in a separate bank account, and some states require payment of interest on the amount held as a deposit. A security deposit is sometimes confused with a deposit of the "last month's rent," which may be credited to the tenant for the final month's rent. A security deposit cannot be used legally as a rent credit.

See also: landlord and tenant lease rent and Related Law Terms ↓


Related Law Terms

acceleration clause :: n. a provision in a contract or promissory note th ... . See also: acceleration assumption
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attorney's fee :: n. the payment for legal services. It can take sev ... ees in the particular type of case.
bank :: n. 1) an officially chartered institution empowere ... erred to as "in bank" or "en banc."
bankruptcy :: n. a federal system of statutes and courts which p ... y proceedings trustee in bankruptcy
chattel mortgage :: n. an outmoded written document which made a chatt ... ed by the property. See also: UCC-1
comparative negligence :: n. a rule of law applied in accident cases to dete ... utory negligence damages negligence
consumer protection laws :: n. almost all states and the federal government ha ... rranty product liability securities
corporation :: n. an organization formed with state governmental ... ation public corporation securities
divorce :: 1) n. the termination of a marriage by legal actio ... y separate property spousal support
equitable estoppel :: n. where a court will not grant a judgment or othe ... also: clean hands doctrine estoppel
grace period :: n. a time stated in a contract in which a late pay ... the contract, i.e. your insurance.
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hit and run :: n. the crime of a driver of a vehicle who is invol ... , and then walks back to the scene.
holdover tenancy :: n. the situation when a tenant of real estate cont ... to a lawsuit for unlawful detainer.
incorporate :: v. 1) to obtain an official charter or articles of ... te by reference incorporation stock
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lessee :: n. the person renting property under a written lea ... lord and tenant lease lessor tenant
lessor :: n. the owner of real property who rents it to a le ... lord and tenant lease lessee tenant
libel :: 1) n. to publish in print (including pictures), wr ... libel per se public figure slander
lien :: n. any official claim or charge against property o ... ord's lien mechanic's lien mortgage
limited partnership :: n. a special type of partnership which is very com ... mited liability partner partnership
long-arm statute :: n. law which gives a local state court jurisdictio ... rt jurisdiction over the defendant.
loss of use :: n. the inability to use an automobile, premises or ... ding or premises. See also: damages
marriage :: n. the joining of a male and female in matrimony b ... of time without legal formalities.
month-to-month :: adj. referring to a tenancy in which the tenant pa ... e also: landlord and tenant tenancy
mortgage :: n. a document in which the owner pledges his/her/i ... losure notice of default trust deed
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no fault insurance :: n: a type of automobile insurance required of car ... ling lawsuits. See also: negligence
notice to quit :: n. the notice given by a landlord (owner) to a ten ... h-to-month notice unlawful detainer
partial breach :: n. the failure to meet a term of a contract which ... g in the missing or expected items.
promissory note :: n. a written promise by a person (variously called ... lso: interest obligee obligor usury
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prospectus :: n. a detailed statement by a corporation required ... rporation limited partnership stock
rape :: 1) n. the crime of sexual intercourse (with actual ... See also: date rape statutory rape
reasonable wear and tear :: n. commonly used in leases to limit the tenant's r ... ble wear and tear." See also: lease
recoupment :: n. the right of a defendant in a lawsuit to demand ... ter, including outside the lawsuit.
statute of limitations :: n. a law which sets the maximum period which one c ... ies. See also: demurrer laches toll
subject to :: adj. referring to the acquisition of title to real ... : assumption deed of trust mortgage
sublease :: n. the lease to another of all or a portion of pre ... and sublease. See also: lease rent
tenancy at sufferance :: n. a "hold-over" tenancy after a lease has expired ... y tenancy at will unlawful detainer
tenancy at will :: n. occupation of real property owned by another un ... right to occupy. See also: tenancy
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three-day notice :: n. a notice to pay delinquent rent or quit (leave ... nd tenant service unlawful detainer
transcript :: n. the written record of all proceedings, includin ... unless transcription is requested.
unlawful detainer :: n. 1) keeping possession of real property without ... Thirty-day notice three-day notice

Popular Law Searches

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forthwith definition legal :: adv. a term found in contracts, court orders and s ... mediacy, with no excuses for delay.
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Other Law Terms - S

said :: adj. a reference back to a thing that was previous ... automobile in a negligent manner."
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salvage :: 1) v. to save goods. 2) n. payment to a person or ... which saves cargo from a shipwreck.
sanction :: n. 1) a financial penalty imposed by a judge on a ... ction." See also: contempt of court
satisfaction :: n. receiving payment or performance of what is due ... n contract satisfaction of judgment
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sealed verdict :: n. the decision of a jury when there is a delay in ... reconvenes. See also: jury verdict
sealing of records :: n. trial records and decisions which a judge order ... eep the terms from public scrutiny.
search :: v. 1) to examine another's premises (including a v ... e search and seizure search warrant
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search warrant :: n. a written order by a judge which permits a law ... ble cause search search and seizure
second degree murder :: n. a non-premeditated killing, resulting from an a ... t degree murder manslaughter murder